Income tax, state and corporate; subtraction for Virginia venture capital account investment. (HB2074)
Introduced By
Del. Nick Rush (R-Christiansburg) with support from co-patron Sen. Chris Head (R-Roanoke)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax; subtraction for Virginia venture capital account investment. Establishes for taxable years beginning January 1, 2018, an individual and corporate income tax subtraction for income derived from an investment in a Virginia venture capital account, defined in the bill as an investment fund that makes at least 50 percent of its investments in qualified portfolio companies and employs at least one investor with at least four years' experience in venture capital investment or substantially equivalent experience. The bill defines "qualified portfolio company" as a Virginia-headquartered company that has a primary purpose of production, sale, research, or development of a product or service and provides equity in exchange for the investment. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/10/2017 | Committee |
01/10/2017 | Prefiled and ordered printed; offered 01/11/17 17101753D |
01/10/2017 | Referred to Committee on Finance |
01/19/2017 | Assigned Finance sub: Subcommittee #2 |
01/22/2017 | Impact statement from TAX (HB2074) |
01/25/2017 | Subcommittee recommends reporting (11-Y 0-N) |
02/01/2017 | Reported from Finance with amendments (22-Y 0-N) (see vote tally) |
02/03/2017 | Read first time |
02/06/2017 | Read second time |
02/06/2017 | Committee amendments agreed to |
02/06/2017 | Engrossed by House as amended HB2074E |
02/06/2017 | Printed as engrossed 17101753D-E |
02/07/2017 | Read third time and passed House BLOCK VOTE (97-Y 0-N) |
02/07/2017 | VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally) |
02/08/2017 | Constitutional reading dispensed |
02/08/2017 | Referred to Committee on Finance |
02/09/2017 | Impact statement from TAX (HB2074E) |
02/15/2017 | Reported from Finance with substitute (16-Y 0-N) (see vote tally) |
02/15/2017 | Committee substitute printed 17105512D-S1 |
02/16/2017 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
02/17/2017 | Read third time |
02/17/2017 | Reading of substitute waived |
02/17/2017 | Committee substitute agreed to 17105512D-S1 |
02/17/2017 | Engrossed by Senate - committee substitute HB2074S1 |
02/17/2017 | Passed Senate with substitute (40-Y 0-N) (see vote tally) |
02/21/2017 | Placed on Calendar |
02/21/2017 | Senate substitute rejected by House 17105512D-S1 (1-Y 96-N) |
02/21/2017 | VOTE: REJECTED (1-Y 96-N) (see vote tally) |
02/22/2017 | Senate insisted on substitute (40-Y 0-N) (see vote tally) |
02/22/2017 | Senate requested conference committee |
02/23/2017 | House acceded to request |
02/23/2017 | Conferees appointed by House |
02/23/2017 | Delegates: Rush, Ware, Kory |
02/23/2017 | Conferees appointed by Senate |
02/23/2017 | Senators: Ruff, Stuart, Dance |
02/24/2017 | Conference substitute printed 17105744D-H1 |
02/24/2017 | Conference report agreed to by Senate (40-Y 0-N) (see vote tally) |
02/24/2017 | Conference report agreed to by House (93-Y 0-N) |
02/24/2017 | VOTE: ADOPTION (93-Y 0-N) (see vote tally) |
03/06/2017 | Impact statement from TAX (HB2074H1) |
03/07/2017 | Enrolled |
03/07/2017 | Bill text as passed House and Senate (HB2074ER) |
03/07/2017 | Signed by Speaker |
03/10/2017 | Signed by President |
03/13/2017 | Enrolled Bill communicated to Governor on 3/13/17 |
03/13/2017 | G Governor's Action Deadline Midnight, March 27, 2017 |
03/24/2017 | G Approved by Governor-Chapter 762 (effective 7/1/17) |
03/24/2017 | G Acts of Assembly Chapter text (CHAP0762) |